Business
PRA to achieve revenue target for FY24
PRA contributed to the Punjab Government Exchequer a total collection of Rs206.5 billion thus achieving around 90 percent of the assigned collection target at Rs230 billion
Lahore: The Punjab Revenue Authority (PRA) is on its way to achieve revenue target for the Financial Year 2023-2024.
Punjab Revenue Authority (PRA), currently collecting Punjab’s Sales Tax on Services, Infrastructure Development Cess and Workers’ Welfare Fund accounts for around 66 percent of Punjab’s Own Source Revenue (OSR).
After the settlement of Civil Accounts of Punjab for the month of May, 2024, PRA collected an amount of Rs20.18 billion on account of PSTS, Rs622 million for PIDC and Rs744 million for PWWF.
During the eleven months of the current financial year, PRA contributed to the Punjab Government Exchequer a total collection of Rs206.5 billion thus achieving around 90 percent of the assigned collection target at Rs230 billion.
The major contributor is Punjab Sales Tax on Services (PSTS) at Rs194.5 billion followed by PWWF at Rs7.2 billion and PIDC at Rs4.7 billion.
The PRA spokesperson attributes this achievement to its dedicated workforce and the cooperation of taxpayers across the province of Punjab.
The spokesperson further added that the Authority continues to strive for excellence in revenue collection and aims to surpass the set target by the end of the financial year under the leadership of Finance Minister, Mujtaba Shuja-ur-Rehman.
During the current financial year, the Authority also focused upon the automation of its business processes for a paperless environment, integration of federal and provincial data bases, joined Single Sales Tax Return, mitigated any possible revenue leakage through introduction of more checks in Sales Tax Return and focused more on digitisation initiatives like Electronic Invoice Management System (eIMS).
The spokesperson further added that the Authority is on the track of being a progressive and modern organisation through use of Information Technology and frequent information sharing which will help PRA to increase its revenue through broadening of its tax base and verification of Sales Tax declaration.